Obama’s Foreclosure Crisis: Older African-Americans and Hispanics Hardest Hit

Posted by on Jul 19, 2012 at 10:37 am

Mitt Romney didn’t do that.

More than 1.5 million older Americans already have lost their homes, with millions more at risk as the national housing crisis takes its toll on those who are among the worst positioned to weather the storm, a new AARP report says.

Older African-Americans and Hispanics are the hardest hit.

“The Great Recession has been brutal for many older Americans,” said Debra Whitman, AARP’s policy chief. “This shows that home ownership doesn’t guarantee financial security later in life.”

Even working two jobs hasn’t been enough to allow Jewel Lewis-Hall, 57, to make her monthly mortgage payments on time. Her husband has made little money since being laid off from his job at a farmer’s market, and Lewis-Hall said her salary as a school cook falls short of what she needs to make the payments on her home in Washington.

I hear Bain is hiring. Have they tried that?

Meanwhile, they’re playing up the racial angle, meaning expect calls for “investigations” any time now.

Older minorities are facing foreclosure rates that are almost double those faced by white borrowers of the same age, mirroring a nationwide trend seen in other age groups as well. Among older African-Americans, 3.5 percent were in foreclosure at the end of 2011, and the rate was 3.9 percent for Hispanics. Just 1.9 percent of white homeowners were in foreclosure.


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